Cardano and IOST Announce Plans to Launch Algorithmic Stablecoins. Summary:.

07 May 2022, 08:00

Cardano and IOST Announce Plans to Launch Algorithmic Stablecoins Summary: Individual teams at Cardano and IOST have announced plans to launch algorithmic stablecoinsOn Cardano, the stablecoin coin will be known as Djed, and its network is currently in the Testnet phaseConcerning IOST, the project will leverage its global community, solid technical support, and a growing multi-chain ecosystem to lay a solid foundation for its stablecoinBoth stablecoins follow in the footsteps of Terra’s UST and Tron’s USDDAlgorithmic stablecoins are gathering traction as the teams behind Cardano and IOST have individually announced plans to launch their very own versions of the digital assets. Cardano’s Djed is Live on Public TestnetTo begin with, the team at COTI, in collaboration with the Cardano team, has announced the launch of the public Tesnet version of Djed – a decentralized algorithmic stablecoin built on the Cardano network. The Testnet environment will allow for testing its main functionalities without the additional risk of using actual funds. In the case of Djed, its stability will be maintained by Shen, a reserve coin explicitly designed to guarantee the collateralization rate and the peg of the stablecoin. Development of Djed started back in September 2021, and the stablecoin is intended ‘to become the ultimate coin with which Cardano’s entire network transaction fees will be paid.’